Bank Of America Merchant Account Web Directory, and Resources

Bank Of America Merchant Account Resources

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Featured Bank Of America Merchant Account Article

Choosing a Merchant Account Provider

By: Mary Hedden

When looking for a merchant account provider, it is important to do a lot of research. You do not want to pay too much or sign up with a disreputable company. However, you do need to keep in mind that once you do sign up it could take up to a week for your application to be approved once it has been submitted.

There are three main factors that you should consider when selecting a merchant account provider.

1. Price
2. Integrity
3. Customer Service

Price (Merchant Account Rates and Fees)

When shopping for a merchant account, it is important to understand all of the rates and fees that the merchant account provider charges.

You will typically be charged the following fees:

Monthly Fee - Normally around $25 US and could vary depending on whether you meet your minimum monthly transactions.

Discount Rate- Percentage taken from a sale that the merchant pays to cover the costs of the transactions and the risk involved. Usually 1.5 percent to 3.5 percent.

Transaction Fee - A flat fee charged for each transaction. Typically between $0.20 and $1.00 US per transaction.

Application Fee - The initial fee you are charged to open the merchant account. Many merchant account providers do not charge application fees.

Equipment and Installation - Software can range from $0 to $1200 US or more depending on whether you have batch or real-time processing. Costs for hardware (POS terminals) can range from $500 to $1,500+ depending on the model you purchase.

If you have current or projected sales data, you can forecast what your fees will be for differen....[MORE]

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Additional Bank Of America Merchant Account Resources

Credit Card Processing
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